Tim is a single, cash-method taxpayer with an agi of $50,000. in april of this year, tim paid $1,020 with his state income tax return for the previous year. during the year, tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. in addition, tim made estimated payments of $1,360 and $1,900 of state and federal income taxes, respectively. finally, tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in april next year. what is the amount of taxes that tim can deduct as an itemized deduction?
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Tim is a single, cash-method taxpayer with an agi of $50,000. in april of this year, tim paid $1,020...
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